Mapfre reports year-over-year increase in premiums for first nine months

Spanish insurance company Mapfre announced Oct. 26 its financial results for the first nine months of 2012, recording a 13% increase in gross written and accepted premiums, from 14.66 billion euros in 2011 to 16.57 billion euros this year.

Mapfre’s activities in Canada are carried out by Norassist Inc. and Canadian Roadside and Recovery Inc., both of which are based in the same office in Toronto.

In a press release, Mapfre said that 67% of its premiums are contributed by the international business.

Total consolidated revenues for the first nine months of 2012 were 19.4 billion euros, up 10.5 per cent from 2011. Results after tax and minority interest were 655.9 million Euros for the first nine months. As of Oct. 25, the euro was worth C$1.29.

Mapfre broke out its results for written and accepted premiums, which were 6.6043 billion euros for the first nine months of this year for the operations in Latin America, up 34.6% from 2011. Written and accepted premiums for Mapfre International were 1.66 billion euros this year, up year-over-year from 15.9% for the first nine months of 2011.

Its global businesses division reported premiums and operating revenues of 3.825 billion euros while accepted premiums were 2.277 billion euros.